Mr. Ken Johnson reports

LIPARI MINING ADVANCES TCHIUZO PROJECT WITH ARRIVAL OF KIMBERLITE PROCESSING PLANT IN ANGOLA AND REPORTS CHANGES TO THE BOARD OF DIRECTORS

Lipari Mining Ltd.'s recently acquired kimberlite processing plant has arrived in the Port of Luanda, Angola. The plant was transported from Sudbury, Ont., to the port of Montreal, Que., where it was shipped by marine transport to Angola during Q1 2026. The delivery of this five-tonne-per-hour processing plant will enable the company to accelerate its phase II development program on the Tchiuzo kimberlite, one of 30 kimberlites within the company's Tchitengo project in Angola.

Ken Johnson, Lipari's president and chief executive officer, stated: "This shipment represents a significant milestone in advancing our Tchitengo project in Angola, positioning Lipari Mining at a key inflection point in the company's development. The plant is expected to process a minimum of 10,000 tonnes of kimberlite from Tchiuzo, which is anticipated to yield approximately 5,000 carats that will undergo valuation procedures to determine the current market value of Tchiuzo diamonds.

"Together with results from last year's phase I confirmatory drilling program, the valuation sampling program is expected to position the company to update the historical feasibility study originally completed on the Tchiuzo kimberlite by Sociedade Mineira de Catoca (SM Catoca) in 2013. SM Catoca reportedly invested $35.6-million (U.S.) towards the exploration and development of the Tchiuzo kimberlite pipe during the period from 2006 to 2016."

As reported by the company in its press release dated Oct. 31, 2025 (see replicated table below), the Tchiuzo kimberlite contains constrained mineral resources comprising an indicated resource of 28.8 million tonnes containing 13.6 million carats at an estimated diamond grade of 47.2 carats per hundred tonnes, and an inferred resource of 6.5 million tonnes containing 2.0 million carats at an estimated grade of 30.7 carats per hundred tonnes. The mineral resources were estimated based on a bottom-screen cut-off of positive 1.0 millimetre.

Directors resignations and restructuring of the board of directors

The company also announces that Dr. Luiz Bizzi is retiring from the board of directors and as co-chairman of the company, and he has tendered his resignation effective April 22, 2026. The board of directors thanks Dr. Bizzi for his leadership and support of the company.

The company also announces that Dr. Hermano de Villemor Amaral (neto) has also tendered his resignation from the board of directors. The board of directors thanks Dr. Amaral for his service and valuable contributions to the company and wishes him continued success in his future endeavours.

Management is in the process of refinancing the company and is expected to be in a position to confirm new directors shortly.

Update on continuous disclosure filings

As previously announced on April 8, 2026, the company delayed the filing of its audited annual financial statements, management discussion and analysis, and related certifications for the year ended Dec. 31, 2025. The company is continuing to actively pursue alternative financing options to restore liquidity and allow its auditor to complete the audit process. Management now expects to be in a position to file the annual filings by May 31, 2026. The company reminds investors that a failure-to-file cease trade order (FFCTO) issued by the Ontario Securities Commission on April 7, 2026, remains in effect. Consequently, trading of the company's common shares on Cboe Canada remains suspended until the annual filings are submitted and the FFCTO is revoked.

Qualified person

The technical content of this news release has been reviewed and approved by Martin Doyle, PGeo, of Falmar Ltd., who is a qualified person as defined under National Instrument 43-101.

About Lipari Mining Ltd.

Lipari is a mining and exploration company, with a record of operations at the Brauna diamond mine in Brazil, which produced over 1.2 million carats of natural diamonds over the life of the operation between 2016 and 2025. Lipari is now applying its operational expertise to advance the highly prospective Tchitengo diamond project in Angola, marking the next phase of growth for the company.

Lipari's shares are listed for trading on the Cboe Canada exchange under the symbol LML and the Frankfurt Stock Exchange under the symbol 0Y90.

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